Corporate Action7 Jul 2017 18:20
Received a notification from my broker:
MONITISE PLC - Important Information
Recommended Cash Acquisition by Fiserv UK Limited.
2.9 pence for each Monitise plc Ordinary share held.
On 13th June 2017, the boards of Monitise and Fiserv Inc announced that they had reached an agreement on the terms of a Recommended Cash Offer through which Fiserv UK Limited, an indirect wholly-owned subsidiary of Fiserv, will acquire the entire share capital of Monitise.
The Acquisition will be effected by way of a Court-Sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006.
The Acquisition values the share capital of Monitise at approximately GBP70 million and represents a premium of approximately 26.1 percent to the Closing Price per Monitise share of 2.30 pence on 12th June 2017, the last Business Day prior to the commencement of the Offer Period.
The Board of Monitise, having been so advised by Canaccord Genuity considers the terms of the Acquisition to be fair and reasonable.
The Scheme is subject to shareholder approval at a General Meeting and Court approval at a Court Meeting both to be held on 26th July 2017. The Scheme will then be subject to Court sanctioning at a Court Hearing to be held on 1st August 2017.
Subject to acquiring the necessary approval, the Scheme is expected to become effective on 2nd August 2017.
Prior to the Scheme becoming effective, an application will be made to the London Stock Exchange for the cancellation of listing of the Monitise shares on the Alternative Investment Market. Subsequently, the cancellation of admission to trading is expected to become effective on 3rd August 2017 with the last day in dealings expected to be 1st August 2017.
The Scheme Proceeds are expected to be credited to your account on or after 16th August 2017. Should you retain your holding of Monitise shares, we will notify you when the cash has been credited to your account.
For more information about the Scheme, please visit the following link, https://monitisecontent.com/group/Scheme%20Document.pdf.